机构投资者持股对上市公司债务融资的影响研究

发布时间：2018-01-11 20:43

本文关键词：机构投资者持股对上市公司债务融资的影响研究　出处：《湖南大学》2013年硕士论文　论文类型：学位论文

【摘要】：随着我国资本市场的不断发展，机构投资者作为资本市场中坚力量的作用日显重要。机构投资者具有资金、信息等方面的优势，不仅是资本市场的重要参与者，作为重要的公司股东，也是优化公司治理的新兴力量。在公司治理中，融资是其重要的组成部分。由于特殊的经济背景，使得上市公司存在股权融资偏好；而在债务融资中，由于长期债务融资成本高、债务约束严格等因素，导致上市公司存在短期债务融资偏好。两种融资偏好使得上市公司融资结构失衡，影响了其长远发展。在这两种背景下，考察我国机构投资者能否通过参与公司治理，抑制两种融资偏好、平衡融资结构，具有重要的理论和现实意义。本文首先分析了机构投资者参与公司融资治理的动机、能力和目的。机构投资者基于股东利益及雄厚的实力，有动力和能力参与融资治理；而机构投资者参与融资治理的目的是分享所持股公司业绩改善后的利益。然后，，分析了机构投资者参与融资治理的内外部机制和途径。最后，根据理论和机理分析提出假设，并检验机构投资者持股与长短期债务融资水平的关系。继而提出相关的对策建议。本文的研究表明，机构投资者持股对长短期债务融资产生不同的影响。机构投资者持股与长期债务水平呈现正相关关系，表明机构投资者持股后，公司长期债务水平得到提高，有效抑制了股权融资偏好；而机构投资者持股比例与短期债务水平呈现负相关关系，说明机构投资者有效平衡了债务融资结构。同时，本文还分析了机构投资者持股对不同行业的债务融资影响差异。本文的研究结果为机构投资者积极参与公司治理提供了新的证据。
[Abstract]:With the continuous development of the capital market in China, the role of institutional investors as the backbone of the capital market is becoming more and more important. Institutional investors have the advantages of capital, information and so on, which are not only important participants in the capital market. As an important shareholder, it is also a new force to optimize corporate governance. In corporate governance, financing is an important part of corporate governance. Due to the special economic background, listed companies have a preference for equity financing. In debt financing, due to the high cost of long-term debt financing, strict debt constraints and other factors, there is a short-term debt financing preference of listed companies. The two financing preferences make the financing structure of listed companies out of balance. Under these two backgrounds, it is of great theoretical and practical significance to investigate whether the institutional investors in our country can participate in corporate governance, restrain the two financing preferences and balance the financing structure. This paper first analyzes the motivation, ability and purpose of institutional investors to participate in corporate financing governance. Based on the interests of shareholders and strong strength, institutional investors have the motivation and ability to participate in financing governance. The purpose of institutional investors to participate in financing governance is to share the benefits of the improvement of corporate performance. Then, the paper analyzes the internal and external mechanisms and approaches for institutional investors to participate in financing governance. According to the theoretical and mechanism analysis, this paper puts forward the hypothesis, and tests the relationship between institutional investors' shareholding and the level of long-term and short-term debt financing, and then puts forward the relevant countermeasures and suggestions. The research in this paper shows that institutional investor equity has different effects on long-term and short-term debt financing. There is a positive correlation between institutional investor ownership and long-term debt level, which indicates that institutional investor holds shares after holding shares. The long-term debt level of the company is improved, which effectively inhibits the equity financing preference; However, the proportion of institutional investors holding shares is negatively related to the level of short-term debt, which indicates that institutional investors effectively balance the debt financing structure. This paper also analyzes the influence of institutional investors' shareholding on debt financing in different industries and provides new evidence for institutional investors' active participation in corporate governance.
【学位授予单位】：湖南大学
【学位级别】：硕士
【学位授予年份】：2013
【分类号】：F275;F832.51

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